Europe's economic crisis is having a severe effect on Asian companies as the depreciation of the euro against Asian currencies makes exports more expensive in one of the biggest overseas markets.
Companies' biggest fear, however, is that the upheaval will undermine Europe's slow recovery from the global financial crisis, which would have a much bigger effect on import demand.
Qi Zhongyi, director of the information department of the China chamber of commerce for the import and export of machinery and electronic products, said many Chinese companies had suffered “huge losses” as a result of the euro's 14.5 per cent slide against the renminbi so far this year.
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